Saturday, 24 March 2012

Mortgage in USA

mortgage usa
The average cost of a mortgage loan in the U.S. depends on a variety of conditions approximately 3.2-7% per annum. If a resident of another country decides to issue the loan, such as UK, because of the pop-risk rate can be increased by 1-2%. There are two types of rates: floating (subject to change every few years) and fixed (installed for the duration of payments). Loans at floating rates are cheaper, but riskier than fixed. The average size of occupied facilities is 150 thousand dollars.

In USA there is a down payment on the purchase of real estate, which is usually 30-50% of the price. In some cases, without the first payment, you can do, but this usually increases the cost of credit.

For registration of the mortgage will need the following documents:
- Passport (or identity card / driving license);
- An income statement;
- Credit history;
- One or more letters of recommendation from the banks, which is confirmed by at least two years of collaboration;
- An excerpt from an account of finding in it the amount that is sufficient to work the annual payment on the loan;
- A copy of the contract of sale of real estate.

This list is not fixed, since each individual mortgage loan is issued. All documents must be translated into English. Application for cash seen up to 30 days.

Also, Foreign buyer of American home will have to invest in his assessment ($ 500), processing of documents submitted to the bank (up to 400 dollars) and real estate insurance (1-2% of its value). Optional, but the procedure may become an important check of the house. For 250-500 dollars will be made the object monitor, which will identify any defects in housing. Acquiring a mortgage loan must be repaid to the bank from 700 dollars a month. Do not forget about utilities - it is a few hundred dollars.

Mortgage can be refinanced at any time at more favorable loan with a lower interest rate.


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